Tips for First-Time Home Buyers
Ditching the land lord and taking the leap into the realm of home ownership? While it can be frightening, consumers who have the resources to buy a home shouldn’t shy away from this type of financial decision.
With the help of your REALTOR® or real estate representative, and some research, buying a home for the first time will be less daunting and complicated. The best thing you should do is to not rush into a decision and to prepare well ahead of time.
Here are some tips, guidelines and advice for those who are thinking of buying a home:
Knowing that you’re ready: Before you even look at homes online or in the newspaper, make sure that you have the ability to buy a home. Check your finances, your credit score and budget accordingly. Ask your real estate professional or your representative at your bank to check over you financial situation to determine whether or not you’re ready. If you aren’t or if you feel like you aren’t, start saving what you can.
Know how much you’re going to spend before you look: After you have found out that you’re ready to buy a home, it’s time to budget yourself. Determine how much you’re willing to spend to purchase a new home, as well as for down-payments – something that usually gets left until the last minute.
Finding the right real estate representative: If you haven’t already, you should acquire the assistance of a real estate professional. As a first-time buyer, you should never go solo when buying a home. A real estate professional can give you advice on what home is best for you, as well help you search for the most fitting home for your needs.
Knowing what you need: Once you acquire the assistance of a REALTOR® or agent, start looking for a home that suits your needs. If you’re thinking for the future, take that into account when deciding which home is best for you. But don’t be over the top—be realistic when searching for that first home.
Brendan & Mary Ellen Flaherty
The Flaherty Team
at RE/MAX Advantage Realty